Competition Commission of India to demand 1.5% penal interest for delay in fine

To help CCI recover penalties from defaulters in a more effective manner, the government has amended the Competition Commission of India (Manner of Recovery of Monetary Penalty) Amendment Regulations. While these regulations provide for the CCI to levy a simple interest on unpaid penalty amount, the details of the same were not explicitly mentioned in demand notices so far. Pursuant to the latest amendment, notified on July 30, the demand notice issued to defaulters would now specifically mention that the any default in payment of the penalty would attract a penal interest of 1.5 per cent per month.


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